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Wall Street is rising open amid optimistic agreement with China

2019-03-04 03:54 pm | Resource: NEWS | No Views : 162



 
Wall Street stocks started rising trading session after it was reported that the United States and China are in the "final stages" of the trade negotiations and it is planned to hold a comprehensive deal to sign by the end of the month. Shortly after, White House economic adviser Kevin Hast said that "much progress" had been made in talks with Beijing.

Report: US-China trade talks in "final stages"

The United States and China are in the "final stages" of trade negotiations, CNN reported on Monday, citing three sources familiar with the issue. The two sides plan to hold a summit at the end of the month in the resort of Mar Lago, US President Donald Trump, where he is expected to host his Chinese counterpart, Xi Jinping, to reach a formal agreement.

According to sources, President Trump is pushing for an agreement, although US Trade Representative Robert Lieberman has pressed China to make further concessions. In addition, the United States wants to retain the ability to re-impose tariffs on Chinese goods if discussions on intellectual property theft prove unproductive, which Beijing said Beijing does not agree with at the moment.

Earlier, the United States and China were reported to be about to reach a deal on trade. According to unnamed sources, Beijing is ready to cut protection measures on agricultural and chemical products, automobiles and other US products, while Washington is considering removing most tariffs on Chinese goods.

US construction spending edged up 0.6% in December

US construction spending in December fell 0.6% from the previous month, the US Census Bureau said in a statement on Monday. December figures were estimated at a seasonally adjusted annual rate of about $ 1,292.7 billion, while the revised reading in November was estimated at $ 1,300.6 billion. On an annualized basis, December data were 1.6% higher than the December 2017 estimate, when it reached $ 1,272.6 billion.

Private construction spending reached a seasonally adjusted $ 991.2 billion, 0.6% lower than the previous month's reading. Residential construction was at a seasonally adjusted annual rate of $ 536.7 billion in December, down 1.4% from November. Non-residential construction reached $ 454.5 billion in December, up from a reading of 0.4% in November.

As for the general construction figures, the annualized average seasonally adjusted in December was $ 301.5 billion, down 0.6% from November's figure. The value of educational construction was $ 77.5 billion, almost the same as the previous month, while highway construction was $ 89.1 billion, down 0.9 percent from the previous month.

In the data, construction spending figures collected by the Census Bureau are set for release after the bell.

US Stocks Open
  • The Dow Jones Industrial Average rose 0.47% initially. Caterpillar shares rose more than 1%, superior to others.
  • The Nasdaq 100 rose 0.62%, supported by Applied Materials, which jumped more than 4%.
  • The Standard & Poor's 500 Index gained 0.46%.


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